513,267 Shares in Cenovus Energy Inc $CVE Purchased by Purpose Unlimited Inc.

Purpose Unlimited Inc. bought a new stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 513,267 shares of the oil and gas company’s stock, valued at approximately $8,685,000.

Other large investors also recently added to or reduced their stakes in the company. Larry Mathis Financial Planning LLC purchased a new stake in Cenovus Energy during the 4th quarter valued at approximately $181,000. Corient Private Wealth LLC raised its position in shares of Cenovus Energy by 33.0% during the fourth quarter. Corient Private Wealth LLC now owns 45,142 shares of the oil and gas company’s stock valued at $764,000 after buying an additional 11,202 shares during the last quarter. Pure Financial Advisors LLC purchased a new position in shares of Cenovus Energy in the fourth quarter worth $184,000. T. Rowe Price Investment Management Inc. purchased a new position in shares of Cenovus Energy in the fourth quarter worth $1,058,000. Finally, Compound Planning Inc. boosted its position in shares of Cenovus Energy by 12.2% during the fourth quarter. Compound Planning Inc. now owns 11,729 shares of the oil and gas company’s stock worth $198,000 after acquiring an additional 1,276 shares during the last quarter. 51.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Wall Street Zen raised shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. UBS Group reiterated a “buy” rating on shares of Cenovus Energy in a research note on Thursday, April 9th. Scotiabank reissued an “outperform” rating on shares of Cenovus Energy in a report on Thursday, May 7th. The Goldman Sachs Group reissued a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Finally, Royal Bank Of Canada raised their price objective on Cenovus Energy from $45.00 to $47.00 and gave the company an “outperform” rating in a research report on Tuesday, May 19th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Cenovus Energy has an average rating of “Moderate Buy” and an average price target of $35.25.

Cenovus Energy Stock Down 0.0%

Shares of CVE opened at $25.15 on Friday. The stock has a market capitalization of $47.02 billion, a price-to-earnings ratio of 13.82 and a beta of 0.34. Cenovus Energy Inc has a 1 year low of $13.47 and a 1 year high of $32.07. The business’s 50 day simple moving average is $28.00 and its 200-day simple moving average is $23.18. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.57 and a quick ratio of 1.00.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.05. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The firm had revenue of $10.79 billion during the quarter, compared to the consensus estimate of $9.47 billion. During the same period in the prior year, the company earned $0.47 EPS. The company’s quarterly revenue was up 1.0% compared to the same quarter last year. As a group, equities analysts expect that Cenovus Energy Inc will post 3.15 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Monday, June 15th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a yield of 3.5%. Cenovus Energy’s payout ratio is currently 35.16%.

Cenovus Energy Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin?off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.